If you're a veteran and are considering buying a house but are not sure if your credit is good enough, you may be in for some good news when looking to qualify for a VA loan.
Lenders who specialize in VA loans are not interested in your FICO score as they would be for the average borrower looking for a loan.
Instead of scrutinizing your credit history to determine if you are qualified or possibly sub prime, they use an entirely different way to qualify you if you're a Vet.
The Key To Qualify For a VA Loan -Good Recent Credit History VA is only interested in your last 12 months credit history.
So as long as you've been current on your bills for the last year you can qualify for a loan.
Your credit score may be "sub prime" under normal circumstances but VA will bend the rules in order for you to qualify to purchase a home.
VA realizes the inconsistency in income that families experience while serving in the military.
All you need to prove is you've made all payments on time for credit card, dept store credit, utilities and.
car payments.
VA will even tolerate one 30 day late in one credit account, and still let you qualify for the VA loan program.
So if you're a vet and have been thinking about purchasing your dream home but are delaying because you think you might have credit issues, think again.
You can use this information as a planning tool to get your credit back on track as well if you have missed a few payments.
Once you can prove a solid credit history for 1 year, you're one step closer to Qualify For a VA Loan